HSH performs major impairments on shipping

HSH Nordbank doubled its profit in the first half of the year as the size of the bank's deferrals on loans to shipping declined, according to the bank's 2nd quarter interim report.

BY LOUISE VOGDRUP-SCHMIDT

Published: 29.08.14 at 14:50

The world's largest shipping bank, German HSH Nordbank, has been and is still struggling with its major exposure to the shipping industry. Loans to German shipping, in particular, are weighing the bank down.

But there is a growing sense of optimism in the bank's 2nd quarter interim report. HSH Nordbank achieved a net profit of EUR 300 million in the first half of the year, an improvement from EUR 131 million in the same period last year. Meanwhile, deferrals on losses and lending decreased to EUR 237 million, from EUR 463 million in the first half of 2013.

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